Franklin Street announced the sale of Cloud Springs Plaza, a 113,000-square-foot neighborhood shopping center located in Fort Oglethorpe. The property sold for $3 million.
John Tennant and Bryan Belk of Franklin Street represented the seller,Cloud Springs ACD, LLC, in the transaction. The buyer, America’s Realty, LLC, is a private investor out of Baltimore, Md.
“The buyer was able to acquire this property below market, which will give them a higher degree of success maximizing their return upon redevelopment,” Mr. Tennant said. “The buyer plans to add value through lease up of vacant space as well as potentially adding an additional outparcel.”
Mr. Tennant added that the upside in the deal attracted multiple buyers for the asset. “There is a large pool of buyers who continue to look for value-add opportunities through redevelopment and releasing well positioned older assets in secondary markets.” The deal closed in less than 90 days.
The property is at 1503 Lafayette Road in Fort Oglethorpe. The property is situated near the Georgia-Tennessee border seven miles from Chattanooga on a ±12-acre site along US Route 27 at its intersection with Cloud Springs Road–the two primary routes within the city. Built in 1968, the property has sight lines to Highway 27 with multiple points of ingress and egress throughout the property. The center is anchored by Big Lots, Badcock Furniture and AutoZone.